UCO Bank Invites expression of Interest for Empanelment of Concurrent Auditors

यूको बैंक UCO BANK

AUDIT & INSPECTION DEPARTMENT

HEAD OFFICE, KOLKATA

NOTIFICATION

[FOR EXPRESSION OF INTEREST FOR EMPANELMENT OF CONCURRENT AUDITORS]

9th August, 2014

UCO Bank invites applications from practicing firms of Chartered Accountants within India, in the prescribed format, who are willing to have their firms empanelled as Concurrent Auditors of the Bank.

The CA firms already on the job of doing concurrent audit of branch (es) allotted to them are also requested to apply afresh for getting renewal of existing assignment of concurrent audit for the audit year 2014-15. It is made very clear that the existing assignment to concurrent auditors, based on the application submitted in response to notifications published during the previous years will not be automatically renewed and they will have to apply afresh for renewal of existing assignment of concurrent audit for the year 2014-15 i.e. from 01.10.2014 to 30.09.2015.

However, there is a major change in the concurrent audit policy of the Bank for the year 2014-15. Now onwards, there will be only one type of audit i.e. Monthly Concurrent Audit of the Branches. Bank has decided to discontinue the earlier system of quarterly concurrent Audit of branches with effect from 01.10.2014.

I. ELIGIBILITY CRITERIA FOR EMPANELMENT:

a) CA firm should preferably be a partnership concern having experience in the field. The Bank may also consider the sole proprietorship concerns and in that case they would be required to submit a declaration that they are full time practicing Chartered Accountants and are not employed elsewhere and do not have any other business interest.

b) Audit firms should preferably have qualified Information System Auditor (CISA/DISA) with necessary exposure of system audit. Since all the branches of the Bank are fully computerized, system audit shall form an integral part of audit of the bank.

c) Audit firm should not have been disqualified by any Bank IBA/RBI/ICAI, while taking-up audit work on earlier occasions.

d) Weightage would be given to the CA firms where the partners themselves are ex-bankers or the firm(s) has got tie-up with ex-bankers with requisite experience and exposure.

e) It is to be ensured that the audit firm or any sister / associate concern / network firm is not conducting the statutory audit of the Bank or any of its branches.

f) Weightage will be given to a firm having exposure in conducting concurrent audit of the Bank branches for public sector / major private sector banks.

g) The firm should have necessary office set up and adequate personnel to ensure proper deployment and timely completion of the assignments. The Headquarter or branch of the CA firm should be located at the place for which they wish to take up audit work. Preference would be given to CA firms which are located at the places of our Bank’s Branches.

h) The assignment should be carried out in a professional manner and in case of any misconduct or negligence; the Bank is free to report the matter at any time to ICAI / IBA/RBI. This will be in addition to the disengagement from the Concurrent Audit assignment.

i) The firm will not be allowed to sub-contract the audit work assigned to any outside firm or other persons even though such persons are qualified chartered accountants.

j) A declaration to be furnished by the firm that credit facilities availed by the firm or partners of firm in which they are partners or directors, including any facility availed by a third party for which the firm or its partners are guarantor/s, have not turned non performing asset or are existing nonperforming assets, as per the prudential norms of RBI. In case the declaration is found incorrect, the assignment would be immediately terminated, besides the firm being liable for any action under ICAI/ RBI/IBA guidelines.

k) The firm should execute undertaking of fidelity and secrecy on its letter head in the format prescribed by the Bank.

l) Concurrent Auditors would have to sign Do’s & Don’ts statement in order to have proper arms length relationship with the Branch/ Department of which they are conducting Concurrent Audit. Such undertaking would be submitted annually.

m) Any other terms and conditions of the assignment as decided by the Bank from time to time.

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